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"If you making 70000 a year then you can afford a house of approximately 250,000..."

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If you making 70000 a year then you can afford a house of approximately 250,000. I am quoting a figure which is achievable only and only if you have managed to keep a sustainable good credit history with respect to your credit cards, earnings, income statements etc. after applying for the home loan, documents will be requested and you would be required to prove your income, and credit checks by the mortgage dealer, which is not a big task if all is well.

"A 250,000 mortgage or house is going to require that you earn a 50,000 salary..."

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In general, a 250,000 mortgage or house is going to require that you earn a 50,000 salary. This is not a rule, just an average. If you have very good credit and a substantial down payment, you may be able to qualify for a mortgage with a lesser salary. But, if you can show to your bank or lender that you have consistently earned 45,000 to 50,000 per year in annual salary, then you should easily get preapproved for a house mortgage in the 250,000 range.

"Marginal income tax bracket depends upon his income and his tax-filing classification..."

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It can be Approximately around 25% An individual`s marginal income tax bracket depends upon his income and his tax-filing classification. As of 2010, there are six tax brackets for ordinary income (ranging from 10% to 35%) and four classifications: single, married filing jointly (or qualified widow or widower), married filing separately, and head of household.
Taxpayers are also allowed a personal exemption depending on their filing status. The personal exemption amount in 2009 is $3,650 per person. The link will help you in calculating the tax rate you need to pay:
http://www.irs.gov/individuals/article/0,,id=96196,00.html.

"Not eligible for the home loan of 250000 $ amount..."

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In fact your credit socre should be more than the average ie 650 credit score. but you must know that the credit score is not the only factor that can make you eligible or not eligible for the home loan of 250000 $ amount. the home loan lender and the bank also consider some other important factors for the sanction of the loan amount.

"You need to be making a salary of 60,000 in gross income..."

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If you want to buy a 250,000 home, you need to be making a salary of 60,000 in gross income, plus have a credit score of 640 or better. This is on average. If you have a lot of cash to put as down payment, your private or bank mortgage lender might be willing to settle for a lesser salary because you have cash on hand.

"You would need to have a salary of at least 60,000 per year..."

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If you want to pre-qualify for a mortgage of 250,000, you would need to have a salary of at least 60,000 per year gross and a credit rating of 650 or higher, plus enough unencumbered cash available for a down payment of at least 5%, but ideally 20% if you don`t want to pay for mandatory mortgage insurance.

"That you are grossing 5000 monthly in income and that you have a fico..."

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A 250,000 mortgage requires that you are grossing 5000 monthly in income and that you have a FICO score of 550 or better. You should also be able to show your lender that you have been employed in a stable job for greater than 2 years. You may even need to show your tax returns to prove income.

" in terms of salary level..."

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It doesn`t take any magic, just hard work and cold hard cash. In terms of salary level, you would probably need to show gross annual earning of at least 50,000 per year for the past 3 years. As well, decent credit and 5% or more available to be deployed for a downpayment would be expected.

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